Did the Rupee devalue by 25% under the first year of Pakistan People’s Party’s Rule?

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Context: During the National Assembly Session on August 8, 2019 Federal Minister for Economic Affairs, Mr. Hammad Azhar, MNA, while praising the PTI government’s economic reforms, claimed that during the first year of the Pakistan People’s Party (PPP) government, the rupee devalued by 25% in a single year.

Claim: “During one year of the PPP government, the rupee devalued by 25%”

Claimant: Federal Minister for Economic Affairs, Mr. Hammad Azhar, MNA

Source of Claim: https://www.thenews.com.pk/print/510334-govt-retires-9-5-bn-foreign-loans-in-one-year-na-told

Status: True

Sources:

Report/Ruling: We analyzed the State Bank of Pakistan’s data on Pakistan’s exchange rate for the years 2008-2013, the 5-year tenure of the Pakistan Peoples Party government. During this time, we saw that upon completion of first year of the PPP government in March 2009, there is an exchange rate depreciation of slightly over 25 per cent, hence proving the Minister’s claim.


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